Figaro's / Nick-N-Willy's

The question every serious franchise investor asks before writing a check is simple: does this brand have what it takes to survive — and thrive — in a brutally competitive consumer food market? Nick-N-Willy's Pizza, operating under the Figaro's Nicknwillys franchise umbrella, represents a distinct case study in franchise brand evolution, acquisition strategy, and the unique dynamics of the take-and-bake pizza segment. Founded in 1988 in Boulder, Colorado, by Keith McQuillan and Trevor Jones, Nick-N-Willy's built its identity around a concept that differentiates it structurally from most pizza concepts: a dual-model combining traditional dine-in and restaurant service with a take-and-bake product that customers finish at home. The brand began franchising in 1995, accumulating 17 units across nine U.S. states before being acquired by Figaro's Italian Pizza, Inc. in 2012. Figaro's, itself founded in Salem, Oregon, in 1981 by Corkey Gorley and Al DeBacker, is a seasoned multi-brand franchisor with a portfolio history that includes Sargo's Subs (acquired 2006), Schmizza International (acquired 2008, later spun off as an independent business in 2014), and now Nick-N-Willy's as its second active pizza brand. The Figaro's Nicknwillys franchise today operates from corporate headquarters at 1500 Liberty Street SE, Suite 160, Salem, Oregon, with leadership provided by Chairman and CEO Ron Berger, President Jeff Rode, and Director of Marketing Holly Earle-Schultze. Current unit count for Nick-N-Willy's stands at approximately 4 total U.S. locations, with 3 active U.S. franchises, placing this in the small-system franchise category. In 2019, Figaro's Pizza was recognized by Entrepreneur magazine, ranking twentieth among the nation's top pizza franchises, signaling corporate brand credibility even as the Nick-N-Willy's sub-brand navigates a deliberate growth phase. For franchise investors who understand niche positioning and the value of entering a system with room to grow, the Figaro's Nicknwillys franchise opportunity commands serious analytical attention.

The pizza franchise industry sits within a broader U.S. restaurant franchise market that continues to attract investor capital despite — and often because of — its competitive intensity. The overall global franchise market is projected to grow by USD 565.5 billion at a compound annual growth rate of 10% between 2025 and 2030, with North America expected to account for 38.9% of that growth. The business format franchise segment alone was valued at USD 281.4 billion in 2024, a figure that underscores how institutionalized the franchise model has become as an entrepreneurial pathway. Within the food service vertical, pizza is among the most resilient subsectors — driven by consistent consumer demand, relatively low per-meal price points, and the structural advantage of delivery and carry-out formats that insulate revenues against dining room headwinds like labor shortages and real estate inflation. The take-and-bake pizza model that anchors the Figaro's Nicknwillys franchise adds a particularly compelling consumer value proposition: restaurant-quality pizza at home, prepared with fresh hand-tossed dough and premium toppings, at a price point and convenience level that competes with both delivery aggregators and grocery store prepared foods. Consumer trends driving this format include the sustained post-pandemic preference for home meal preparation, growing skepticism about third-party delivery fees (which now average 15–30% per order on major platforms), and a documented shift toward artisanal, customizable food experiences over standardized fast food. These macro forces create a genuine demand tailwind for a brand like Nick-N-Willy's that positions itself at the intersection of quality, customization, and convenience. The pizza sub-sector average annual gross revenue per unit is reported at $599,237, providing a concrete benchmark against which Nick-N-Willy's unit-level performance can be evaluated. The broader franchise industry recorded an average revenue per franchise of $1,065,000 in 2023, contextualizing the pizza subsector's specific performance characteristics. For investors evaluating the Figaro's Nicknwillys franchise opportunity, the industry fundamentals are sound; the brand-specific question is whether its operational model can capture an increasing share of the take-and-bake and artisan pizza demand curve.

The Figaro's Nicknwillys franchise cost structure is one of its most distinguishing characteristics, particularly when benchmarked against the broader pizza franchise category. The initial franchise fee is $39,000, though some structures allow for a range beginning as low as $0 depending on circumstances, compared to the Figaro's Pizza brand's own 2025 FDD franchise fee of $45,000 — confirming that Nick-N-Willy's is positioned as the more accessible entry point within Figaro's portfolio. Total Figaro's Nicknwillys franchise investment ranges from $86,500 on the low end to $549,000 on the high end, with a midpoint of $317,750. This investment range is materially below the pizza sub-sector average of $380,153 to $837,259, classifying the Figaro's Nicknwillys franchise as an entry-level pizza franchise investment by industry standards. The minimum liquid capital required is $86,500, a threshold that positions this opportunity within reach of owner-operators who may not have access to the seven-figure capital stacks required by many national pizza chains. The spread between the low and high investment figures reflects variability in location type, geographic market, and the build-out versus conversion decision — a $86,500 entry scenario likely reflects a conversion of an existing food service space, while a $549,000 scenario reflects a ground-up build-out in a higher-cost market. Ongoing fees include a royalty of 6% of gross receipts, with a minimum royalty obligation of $150 per week beginning at store opening regardless of revenue performance — an important floor cost for investors modeling break-even scenarios in early operating months. The brand fund contribution is 3% of gross receipts, with a requirement that at least 0.125% of gross receipts be directed to H.E.L.P. the charity or other designated charitable causes. Additional cost considerations include a transfer fee upon sale of a franchised store equal to the greater of $16,000 or 2% of gross proceeds, a default cure fee of $2,500, a service fee of $800 per day plus expenses if the franchisor resolves a default, mystery shopper fees of up to $1,200, and additional manager training costs of $900 per week per individual. Insurance premiums range from $500 to $8,000 annually. Audit costs plus interest on underpayment can reach up to $20,000. The franchisor does not provide direct or indirect financing, nor does it guarantee franchisee notes, leases, or obligations, meaning investors should approach SBA loan qualification and independent financing with a complete cost model in hand before signing.

Daily operations for a Figaro's Nicknwillys franchise franchisee center on the management of a dual-revenue-stream food service business: the take-and-bake model and traditional restaurant service. Franchisees are required to operate under the direct on-premises supervision of either themselves or a trained manager at all times, making this an owner-operator oriented investment rather than a passive or absentee income vehicle. The staffing model reflects the demands of a scratch-kitchen pizza concept — hand-tossed dough, premium ingredient sourcing from approved suppliers, and consistent preparation standards require skilled kitchen staff and attentive front-of-house management. Initial training lasts two weeks and is conducted at Nick-N-Willy's corporate headquarters in Salem, Oregon, providing new franchisees with comprehensive guidance on operational procedures, brand standards, and customer service protocols. This training investment by the franchisor is designed to compress the learning curve for new operators, particularly those entering the pizza segment without prior food service experience — though the brand's ideal candidate profile does include restaurant experience as a recommended qualification. Ongoing support includes field consultant access, marketing programs, and supply chain guidance, with franchisees relying on the franchisor's approved supplier network for key ingredients. This supplier dependence is a standard feature of franchise systems and ensures consistency, but it also introduces supply chain risk that franchisees should assess during due diligence. The territory structure for Nick-N-Willy's reflects the system's current limited scale — with only 4 total U.S. locations operating, territory availability is broad, though the system's small size means franchisees should carefully evaluate the market protection terms within their specific franchise agreement. The initial franchise agreement term is 10 years from the signing date, with flexibility for terms between 5 and 20 years upon reasonable request, and renewal available for additional successive 10-year terms provided all franchise agreement conditions are met. No renewal fee is assessed, but a monthly late renewal fee of $250 applies if the new agreement is not signed by the required deadline.

Item 19 financial performance data is not disclosed in the current Franchise Disclosure Document for Nick-N-Willy's under the Figaro's Nicknwillys franchise system. However, publicly available research data provides meaningful benchmarks for evaluating the Figaro's Nicknwillys franchise revenue profile. The reported average gross revenue for Nick-N-Willy's units is $504,623, derived from the system's limited operating base of 3 active franchises. This figure trails the pizza sub-sector average of $599,237 by approximately $94,600, a gap of roughly 15.8% below the subsector mean. Analysts attribute this underperformance relative to sub-sector benchmarks partly to the system's scale limitations — a 3-unit franchise system lacks the purchasing power, cooperative marketing spend, and brand recognition infrastructure of larger pizza chains, all of which are factors known to drive unit-level revenue in the pizza category. For context, the broader franchise industry average revenue per unit in 2023 was $1,065,000, placing the Nick-N-Willy's average gross revenue at approximately 47% of the all-franchise average. Against the investment midpoint of $317,750, the $504,623 average gross revenue implies a revenue-to-investment ratio of approximately 1.59x — a metric that, while not a profitability measure on its own, provides a starting point for modeling potential returns. Gross revenue does not equal profitability; investors must layer in cost of goods (typically 28–35% for pizza concepts), labor (22–30%), rent (6–10%), royalty (6%), brand fund (3%), and other operating costs to estimate EBITDA margins. No specific cost breakdown data was found in available sources for Nick-N-Willy's, making independent financial modeling and existing franchisee validation calls an essential step before committing capital. Prospective franchisees are strongly advised to request the current FDD, consult with a qualified franchise attorney, and conduct direct outreach to all current franchisees listed in the FDD disclosure to obtain candid performance insights.

The growth trajectory of the Figaro's Nicknwillys franchise tells a story of significant contraction followed by stabilization under Figaro's Italian Pizza, Inc. ownership. At the time of the Nick-N-Willy's acquisition in late 2011 — completed on or before December 28, 2011, following a letter of intent dated November 7, 2011, with a total purchase price of $600,000 structured as $400,000 at closing and two subsequent $100,000 installments on February 25, 2013, and February 25, 2014 — the brand operated 17 units across nine U.S. states. Current unit count of 3 to 4 U.S. locations represents a reduction of more than 75% from the acquisition baseline, a contraction that signals either deliberate system pruning to remove underperforming locations, market-driven closures, or a combination of both. Figaro's Italian Pizza, for its part, has demonstrated a willingness to make bold structural decisions — spinning off Schmizza International in 2014 as an independently owned business after acquiring it in 2008 demonstrates that the parent company actively manages its brand portfolio rather than passively holding underperforming assets. At the broader Figaro's brand level, the company currently operates 37 locations across 4 countries including the United States, Cyprus, and Nigeria, providing evidence of international expansion capability. The Nick-N-Willy's differentiation strategy remains its dual take-and-bake and dine-in model, combined with an artisan pizza-making approach using hand-tossed dough and premium toppings — a positioning designed to attract the growing consumer segment that values quality over speed. Digital ordering platform integration is an industry-wide imperative, with rapid adoption reshaping consumer expectations for ordering convenience; how Nick-N-Willy's has built out its digital ordering infrastructure is a key due diligence question for prospective Figaro's Nicknwillys franchise investors. The brand's 35-year operational history since 1989 provides proof-of-concept longevity, even as the franchise system navigates a rebuilding phase.

The ideal Figaro's Nicknwillys franchise candidate is an owner-operator with direct hands-on management capabilities, preferably with prior restaurant or food service experience that accelerates operational competency from day one. Because the franchise agreement requires on-premises supervision by the franchisee or a trained manager, this is not a passive investment — prospective owners should be prepared to be actively involved in daily operations, particularly in the early years of the business. Multi-unit development may be available given the system's wide-open territory landscape across the United States, though investors should negotiate territory protection terms carefully within the franchise agreement. The brand's geographic distribution has historically spanned from Wisconsin to California, suggesting flexibility across regional markets, with ideal demographic targets for pizza concepts including households with annual income of $50,000 or above, a population density of at least 40,000 within a 3-mile radius, and a meaningful daytime population that supports lunch and dinner traffic. The investment threshold of $86,500 minimum liquid capital makes this one of the more accessible pizza franchise entry points in the current market, suitable for owner-operators who may be transitioning from corporate employment or reallocating capital from a prior business. The 10-year initial agreement term with renewal availability on successive 10-year terms provides long-range planning horizon for investors who build successful locations. Transfer and resale terms — the greater of $16,000 or 2% of gross proceeds — should be factored into any exit strategy modeling. Working capital reserves beyond the initial investment are strongly recommended given the royalty floor of $150 per week regardless of revenue, particularly in the critical first 6 to 12 months of operation when revenue ramp-up is most unpredictable.

The Figaro's Nicknwillys franchise opportunity presents a distinctive investment thesis within the broader pizza franchise landscape — one that rewards investors willing to apply rigorous due diligence to a small-system brand with a differentiated operating model, parent company backing from a 40-plus-year franchise operator, and a total investment range meaningfully below the pizza sub-sector average. The brand's take-and-bake and dine-in dual model taps real consumer demand trends, and the Figaro's corporate platform — led by Chairman and CEO Ron Berger and President Jeff Rode out of Salem, Oregon — provides operational, marketing, and supply chain infrastructure that solo entrepreneurs could not replicate independently. At the same time, the gap between the $504,623 average gross revenue and the $599,237 sub-sector average, combined with the system's limited unit count, means that any serious investor must pressure-test the unit economics with franchisee validation calls, a full FDD review, and independent financial modeling before committing. The franchise market's projected 10% CAGR through 2030 creates a favorable macro backdrop, but individual brand performance always diverges from macro trends based on execution, market selection, and operator quality. PeerSense provides exclusive due diligence data including SBA lending history, FPI score, location maps with Google ratings, FDD financial data, and side-by-side comparison tools that allow investors to benchmark the Figaro's Nicknwillys franchise against competing pizza concepts across every relevant financial and operational dimension. The combination of independent data, competitive context, and historical performance trends available on PeerSense is precisely the analytical foundation that separates informed franchise investment decisions from costly mistakes. Explore the complete Figaro's Nicknwillys franchise profile on PeerSense to access the full suite of independent franchise intelligence data.